D
darrengrichards
New Member
Can anyone help with the fast sale of a property in side. ??
L
Lysos
New Member
Agents have no interest in keeping a property on their books for a a long period - they make money by selling. You have the same problem as every other seller in Turkey, Spain, Portugal, Egypt, Bulgaria etc. etc. - in today's market (and for many years to come) there are multitudes of properties for sale & very, very few buyers. If you desperately need to sell then you must price accordingly, which means considerably less than you paid. Painful, but realistic.
S
Steve Hand
New Member
Lysos - i do not think i have ever seen a positive post from you!!! The original post did not imply that the property had been on the market for some time; i am sure he knows he might have to sell for less than he paid if he wants to shift it. He was simply asking if anyone could help shifting it!!!
L
Lysos
New Member
Steve, He'd said in a deleted post that he'd had 'no joy with agents'.
There is nothing positive about 'investing' in overseas holiday accommodation, and that has - apart from speculative bubbles such as Dubai - always been the case. The reality is that even with good rentals you do well to break even. If you want a place for your own use, with the chance of some rentals contributing to costs, that's fine, but as an investment, figures rarely stack up. How many success stories do you read about on these forums ?. Most people are suckered in by the sales brochures into believing they can enjoy holidays in season (the only time you are likely to get any rentals) whilst making a profit from off season rentals. Doesn't happen. How many people who bought into the Bulgarian 'Dream' or the current fad for Egypt will ever see a positive return on their money ?.
About 10 years ago an experienced (& wealthy) investor advised me that buying the average overseas holiday property should only be considered as a luxury for your own enjoyment. The only way to make money was to own a block that you could let to a tour operator, or a high spec top end villa.
For ordinary investors i.e. us, then if you want to make money from property, then you need to be looking at something that will appeal to long term renters.
I make no apologies for being negative. A dose of realism might prevent other people from buying unwisely and/or for the wrong reasons.
There is nothing positive about 'investing' in overseas holiday accommodation, and that has - apart from speculative bubbles such as Dubai - always been the case. The reality is that even with good rentals you do well to break even. If you want a place for your own use, with the chance of some rentals contributing to costs, that's fine, but as an investment, figures rarely stack up. How many success stories do you read about on these forums ?. Most people are suckered in by the sales brochures into believing they can enjoy holidays in season (the only time you are likely to get any rentals) whilst making a profit from off season rentals. Doesn't happen. How many people who bought into the Bulgarian 'Dream' or the current fad for Egypt will ever see a positive return on their money ?.
About 10 years ago an experienced (& wealthy) investor advised me that buying the average overseas holiday property should only be considered as a luxury for your own enjoyment. The only way to make money was to own a block that you could let to a tour operator, or a high spec top end villa.
For ordinary investors i.e. us, then if you want to make money from property, then you need to be looking at something that will appeal to long term renters.
I make no apologies for being negative. A dose of realism might prevent other people from buying unwisely and/or for the wrong reasons.
S
Steve Hand
New Member
Hi Lysos, did not see the deleted post!!! With regard to agents, most will not touch resales as:
- most buyers will generally prefer new.
- commissions will almost always be higher on new properties.
- many buyers have unrealistic expectations of the value of their property (particularly given the current climate).
With regard to rentals, i absolutely agree:
Long term rentals are unrealistic in resorts (long term rentals in city centres are more viable but they are not as lucrative in terms of € per month).
We are lucky in that we have a number of agreements with some of the larger operators and we can rent most of our properties to their reps for around 8 months of the year; however, because they are company lets they expect good discounts.
I agree, there is now no longer a lucrative buy to let market for overseas buyers. If however, you are happy to earn around 300 - 400 € per month for around 6 -8 months, then there is still a market for this. As always, private lets are more lucrative but much shorter term - plus, of course, a lot more hassle - advertising costs, arranging changover cleaning and in most cases, no control over who is actually using your property etc. etc.
- most buyers will generally prefer new.
- commissions will almost always be higher on new properties.
- many buyers have unrealistic expectations of the value of their property (particularly given the current climate).
With regard to rentals, i absolutely agree:
Long term rentals are unrealistic in resorts (long term rentals in city centres are more viable but they are not as lucrative in terms of € per month).
We are lucky in that we have a number of agreements with some of the larger operators and we can rent most of our properties to their reps for around 8 months of the year; however, because they are company lets they expect good discounts.
I agree, there is now no longer a lucrative buy to let market for overseas buyers. If however, you are happy to earn around 300 - 400 € per month for around 6 -8 months, then there is still a market for this. As always, private lets are more lucrative but much shorter term - plus, of course, a lot more hassle - advertising costs, arranging changover cleaning and in most cases, no control over who is actually using your property etc. etc.
Veronica
Administrator
With regard to agents, most will not touch resales as:
- most buyers will generally prefer new.
Most of our clients these days want resales as they can see what they are getting for their money and there are no worries about a project not being completed
- commissions will almost always be higher on new properties.
The big greedy agents are leaving places such as Cyprus now that the developers have seen the light and refuse to pay the big fat commissions. Thats great because it leaves the cost clear for us smaller less greedy agents
.
- many buyers have unrealistic expectations of the value of their property (particularly given the current climate).
It tends to be the people who are selling properties they bought a few years ago who have unrealistic expectations. They still think they can sell for a profit and don't take kindly to us telling them they will be lucky to break even these days.
- most buyers will generally prefer new.
Most of our clients these days want resales as they can see what they are getting for their money and there are no worries about a project not being completed
- commissions will almost always be higher on new properties.
The big greedy agents are leaving places such as Cyprus now that the developers have seen the light and refuse to pay the big fat commissions. Thats great because it leaves the cost clear for us smaller less greedy agents
.- many buyers have unrealistic expectations of the value of their property (particularly given the current climate).
It tends to be the people who are selling properties they bought a few years ago who have unrealistic expectations. They still think they can sell for a profit and don't take kindly to us telling them they will be lucky to break even these days.
D
darrengrichards
New Member
Thanks for the replies, it very interesting to hear your points however I would like to clarify.
I'm am the buyer who bought three years ago with the intention of having somewhere nice to go on holiday and renting it out to friends and family to perhaps pay for the maintenance and maybe get a free holiday out of it which it has done comfortably.
I'm not expecting to make thousands of pounds out of it but I am sure I should make something as it is a top end place in a very good spot. I would even be happy to break even out of it and take the while thing as a good experience and get my extension built at home.
All I'm asking for is some positive advice on how to sell the place!! Please
I'm am the buyer who bought three years ago with the intention of having somewhere nice to go on holiday and renting it out to friends and family to perhaps pay for the maintenance and maybe get a free holiday out of it which it has done comfortably.
I'm not expecting to make thousands of pounds out of it but I am sure I should make something as it is a top end place in a very good spot. I would even be happy to break even out of it and take the while thing as a good experience and get my extension built at home.
All I'm asking for is some positive advice on how to sell the place!! Please
Veronica
Administrator
As Steve Hand is the one who is in Turkey I would think he is the one who can best help you.
S
Steve Hand
New Member
Hi Darren - who was the developer - if it was one of the better ones in Side - Mecitoglu, Kaya etc., could you not offer it back to them?
D
darrengrichards
New Member
Thanks the help again. My apartment is made byMecitoglu and it really is lovely. I hadn't thought about asking them!! I'll give it a try.
D
darrengrichards
New Member
How much should I offer it back for. Obviously it's fully furnished ??
S
Steve Hand
New Member
Did you speak with Mecitoglu???
What do they advise re price???
What do they advise re price???
D
darrengrichards
New Member
Haven't spoken yet. Was going to today but wanted to ask what you thought regarding price. I realise that they are gonna try and get the best price for themselves. What do you think??
S
Steve Hand
New Member
See what current prices are in the same development as yours - then take it from there. Do you want to achieve more than the current price for new OR can you afford to go down a bit?
D
darrengrichards
New Member
I can afford to get back what we paid for it plus the cost of the furniture which is a very nice price
D
darrengrichards
New Member
The company says they only sell new ones and then gave me a list of estate agents. Good idea though
